Asian buyers helped bolster Sotheby’s revenue in 2016

The Art Newspaper – Despite an overall contraction in art sales last year, Sotheby’s CEO Tad Smith expressed confidence in the art market, the Sotheby’s team, and the company’s expanding digital presence during an earnings call this morning covering the fourth quarter of 2016.

Sotheby’s sold a total of $4.9b in property in 2016, down 27% from the previous year and behind Christie’s total of $5.4b. However, the publicly traded company reported net income of $74.1 million for 2016, compared to $43.7 million in 2015, an uptick Smith attributed in part to the strength of the house’s November sales. – read more